§ Sir P. Hannonasked the Chancellor of the Exchequer whether he will consider the introduction of a short measure to provide that where building societies exercise mortgagee rights in taking possession 415 of property during the process of the war, such property shall not be sold below the price advanced on mortgage?
§ Sir K. WoodI do not consider that legislation of the kind suggested is required. A considerable measure of protection is already given to mortgagors by the Courts (Emergency Powers) Act and by the Building Societies Act, 1939. Under the former a building society cannot effect a sale of the mortgaged property except by leave of the court and under the latter it is the duty of the society to take reasonable care in exercising any power of sale to ensure that the price at which the property is sold is the best price which can reasonably be obtained.
§ Sir P. HannonIf I bring to my right hon. Friend's notice certain cases—which I believe are exceptional—will he give them his consideration?
§ Sir K. WoodI will certainly examine them.